Walker Morris HQ sold
ONE OF the best-known city centre office buildings in Yorkshire has been sold to a Swiss operation in a multi-million pound investment deal.
Kings Court in Leeds, the home of law firm Walker Morris, has been sold for an undisclosed sum by the King Sturge Leeds-based investment team acting for Alliance Trust Real Estate Partnership, an investment company based in Dundee.
Kings Court, which has 47,698 sq ft of office space over seven floors, has been sold to a Swiss-based private trust in a deal which represents an 8.4% yield.
Built in 1989, Kings Court is let to Walker Morris, which has 51 partners, at an annual rent of £891,000 on a 25-year lease which expires in 2014.
Andrew Summersgill, partner and head of the King Sturge Leeds investment team, who who brokered the deal, said: “We have been delighted to act on behalf of Alliance Trust Real Estate Partnership Limited to sell Kings Court, one of Leeds’ highest-profile professional services properties.
“In spite of there being a relatively short unexpired lease term, the building is located in the heart of Leeds’ central business district and the rent reflects a modest level of £17.67 sq ft.
“At a time when income security is so important, it was encouraging to see the level of investor interest as prospective purchasers were undoubtedly attracted to these strong fundamentals which resulted in several offers for the building.
“This latest deal follows our sale of Benson House, Wellington Street, for £20m this spring for business estates manager, MEPC, and shows that there is still strong interest in the Leeds business district property investment sector.”
